First-time buyers have 'massive opportunities' to grab a bargain

First-time buyers who have deposits are likely to benefit from the slump in the housing market as well as those who have built up equity in their homes.

That is the view of mortgage broker Bob Windust who has said that some people will be able to take advantage of those that have been unable to sell their homes in the summer.

Mr Windust explained: "There are massive opportunities for people who have a good deposit and are looking to buy over the next 12 months."

He continued: "If we have a quiet summer, come September, with people being pushed by the banks to sell, I think there will be tremendous bargains for people who sit tight and wait."

According to Mr Windust, some buyers are agreeing a price on a property, then waiting a month for a valuer to visit the property and are subsequently offering less for it.

Cathy McLean, Wales director of the Royal Institution of Chartered Surveyors (Rics), said: "People have come to see property as a way of investing money whereas it used to be stocks and shares which are unreliable. I think property is a better investment."